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Profitability drives up the cost of crypto mining in Argentina

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Mining "presents challenges to the infrastructure of the concession area to which they are connected," according to the government.

Miners are seeking for other nations to resume their activities after China's crackdown. Some were drawn to Argentina by claims of lower costs. The country's government, however, has already implemented revised rates for crypto miners in Tierra del Fuego province.

Argentina's Ministry of Economy's Energy Secretary released and declared Resolution 40/2022, which removes government subsidies for crypto mining energy usage. Mining in the country has become up to 4 times more costly as a result of the higher prices.

The resolution states that miners' hourly and seasonal energy consumption is severe and consistent. Crypto mining, as a result, “presents challenges to the infrastructure of the concession area to which they are connected.”

Crypto miners must pay energy costs "equivalent to the cost of supply" because the operation is beneficial and payment is accessible, according to the resolution. It continues to state that it is discriminatory that miners are charged the same subsidised rate as domestic consumers.

The new law applies to miners in the region of Tierra del Fuego, which is known for its cold weather, making it perfect for miners who need to keep their mining equipment cool.

Moreover, Irkutsk Oblast, a Russian federal region, is dealing with an increase in Bitcoin mining energy consumption. The region is striving to retain energy balance as a result of recently formed mining activity.

Though there are challenges with energy costs, miners have also faced difficulties due to natural calamities. Due to a projected increase in energy demand during the winter storm, a miner in Texas closed down 99% of activities. This has been done to relieve strain on the power system in the region.



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